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"I am honored to accept the position of Chairman and CEO of Office Depot, Inc."

BOCA RATON, Fla. & NAPERVILLE, Ill.--(BUSINESS WIRE)--Office Depot, Inc. (NYSE:ODP), a leading global provider of office
products, services, and solutions formed by the merger of Office
Depot and OfficeMax, today announced the appointment of Roland C. Smith
as Chairman and CEO, effective immediately.

An experienced senior executive, having served as President and Chief
Executive Officer of public and private companies and on numerous
boards, Smith comes to Office Depot, Inc. with a strong retail track
record of increasing operating profit, managing complex integrations,
directing corporate turnarounds, and transforming companies for future
success.

Most recently, Smith was the Chief Executive Officer and President of
Delhaize America, LLC, which is the U.S. division of Delhaize Group.
Delhaize America produces over $18 billion in annual revenue through its
U.S. supermarkets, including Food Lion and Hannaford, and represents
approximately 65% of the revenue of the Delhaize Group. While at
Delhaize, Smith orchestrated the successful integration of the major
supermarket chains owned by Delhaize, including successful dispositions
of three of the chains thereby materially improving profitability and
driving substantial shareholder value creation at Delhaize Group.

Previously, Smith was President and CEO of The Wendy’s Company;
President and CEO of Wendy's/Arby's Group, Inc.; and CEO of Wendy's
International, Inc. Throughout his tenure at these companies, Smith
orchestrated numerous transformative initiatives. Originally at Arby’s,
Smith helped to rejuvenate the brand, turn around the culture, and
integrate the acquisition of its largest franchisee. Later, Smith
successfully completed the acquisition and merger of Wendy’s by Arby’s.
While transforming the culture, menu, and product, Smith also improved
operations and accelerated international expansion. Additionally, Smith
orchestrated the successful sale of Arby’s.

Smith also led operational turnarounds at American Golf Corporation, the
world’s largest owner and operator of golf courses, and AMF, the world’s
largest owner and operator of bowling centers.

“I am honored to accept the position of Chairman and CEO of Office
Depot, Inc.,” said Smith. “With the combined resources of Office Depot
and OfficeMax, we have the ability to transform the company and create
an exciting new organization that exceeds the needs and desires of our
customers, provides new opportunities for our global associates, becomes
a more appealing partner to our vendors, and increases value for our
shareholders.”

Added Smith, “I know that numerous cross-company teams have worked
diligently over the past eight months to create a clear blueprint for
the integration of Office Depot and OfficeMax. Moving forward, my focus
will be on fully integrating the two companies, achieving the planned
synergies, creating a compelling vision for the future, and leveraging
our infrastructure and assets to drive improved profitability and
increased revenue. Additionally, I fully understand that we need to make
a headquarters decision quickly so that we can drive our integration
efforts.”

“Over the last several months, the Selection Committee evaluated more
than 100 candidates in a rigorous process to find the right leader for
this company,” stated Office Depot, Inc. Lead Director Nigel Travis,
co-chair of the CEO Selection Committee, and Chairman and CEO of Dunkin’
Brands. “Roland is uniquely qualified for the newly combined Office
Depot and OfficeMax. He has decades of experience integrating companies
and cultures and an impressive track record in turning around
businesses. Additionally, he brings outstanding leadership that will be
invaluable as we seek to transform and grow our new company.”

“We are pleased to add a talented executive of Smith’s caliber to lead
our combined organization as we enhance our position in the rapidly
changing office solutions marketplace,” added Office Depot, Inc. Board
Member Jim Marino, co-chair of the CEO Selection Committee, and former
President and CEO of Alberto Culver Company. “Roland is a proven leader
with the strategic insight and operational discipline necessary to drive
our business forward and deliver the synergies that come from combining
these two great companies. We are fortunate to have hired the right
person for this unique opportunity.”

Office Depot, Inc. also announced that as a result of Smith’s
appointment as Chairman and CEO, Neil Austrian and Ravi Saligram,
formerly co-CEOs of Office Depot, Inc. have resigned from the company
and Board. Aside from Smith, the company’s 11-person board includes
Warren Bryant, Rakesh Gangwal, Cynthia Jamison, Jim Marino, Michael
Massey, Francesca Ruiz de Luzuriaga, Jeff Smith, David Szymanski, Nigel
Travis and Joseph Vassalluzzo. Travis has been named Lead Director of
the Board.

The company and Board wish to recognize Austrian and Saligram for their
pivotal leadership and many significant contributions to the
transformative merger of Office Depot and OfficeMax. Austrian and
Saligram have provided overall sponsorship and stewardship of the
complex integration planning process with the objective of ensuring a
smooth and productive transition for the company’s many stakeholders.

Roland C. Smith Biographical Information

Prior to joining Office Depot, Inc., Smith most recently was the Chief
Executive Officer and President of Delhaize America. Previously, Smith
was President and CEO of The Wendy’s Company; President and CEO of
Wendy's/Arby's Group, Inc.; and CEO of Wendy's International, Inc.

Smith also served as Chief Executive Officer of Triarc Companies, Inc.;
Chief Executive Officer of Arby's Restaurant Group, Inc.; President and
Chief Executive Officer of American Golf Corporation and National Golf
Properties; President and Chief Executive Officer of AMF Bowling
Worldwide, Inc.; and President and Chief Executive Officer of Arby's
Inc., d/b/a Triarc Restaurant Group.

A graduate of the U.S. Military Academy at West Point, New York, Smith
served in the U.S. Army for seven years in the Transportation and
Aviation Corps as platoon leader, executive officer, deputy director of
Army programs, aide-de-camp, aviation maintenance officer and pilot.

Smith is Chairman of the Board of Directors for Carmike Cinemas, Inc.,
where he is also Chairman of the Compensation and Nominating Committee,
and a Director for The Wendy’s Company. He is a national trustee of the
Boys & Girls Clubs of America and a member of the World Presidents'
Organization International.

About Office Depot, Inc.

Formed by the merger of Office Depot and OfficeMax, Office Depot, Inc.
is a leading global provider of products, services, and solutions for
every workplace – whether your workplace is an office, home, school, or
car.

Office Depot, Inc. is a resource and a catalyst to help customers work
better. We are a single source for everything customers need to be more
productive, including the latest technology, core office supplies, print
and document services, business services, facilities products,
furniture, and school essentials.

The company has combined annual sales of approximately $17 billion,
employs about 66,000 associates, and serves consumers and businesses in
59 countries with more than 2,200 retail stores, award-winning
e-commerce sites and a dedicated business-to-business sales organization
– all delivered through a global network of wholly owned operations,
joint ventures, franchisees, licensees and alliance partners. The
company’s portfolio of leading brands includes Office Depot, OfficeMax,
OfficeMax Grand & Toy, Viking, Ativa, TUL, Foray, and DiVOGA.

Office Depot, Inc.’s common stock is listed on the New York Stock
Exchange under the symbol ODP. Additional press information can be found
at: http://news.officedepot.com.

All trademarks, service marks and trade names of Office Depot, Inc.
and OfficeMax Incorporated used herein are trademarks or registered
trademarks of Office Depot, Inc. and OfficeMax Incorporated,
respectively. Any other product or company names mentioned herein are
the trademarks of their respective owners.

FORWARD-LOOKING STATEMENTS

This communication may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements or disclosures may discuss goals, intentions and expectations
as to future trends, plans, events, results of operations or financial
condition, or state other information relating to, among other things,
the Company, the merger and other transactions contemplated by the
merger agreement, based on current beliefs and assumptions made by, and
information currently available to, management. Forward-looking
statements generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “may,” “possible,” “potential,” “predict,”
“project,” “propose” or other similar words, phrases or expressions, or
other variations of such words. These forward-looking statements are
subject to various risks and uncertainties, many of which are outside of
the Company’s control. There can be no assurances that the Company will
realize these expectations or that these beliefs will prove correct, and
therefore investors and shareholders should not place undue reliance on
such statements.

Factors that could cause actual results to differ materially from those
in the forward-looking statements include adverse regulatory decisions;
the risks that the combined company will not realize the estimated
accretive effects of the merger or the estimated cost savings and
synergies; the businesses of Office Depot and OfficeMax may not be
integrated successfully or such integration may take longer, be more
difficult, time-consuming or costly to accomplish than expected; the
business disruption following the merger, including adverse effects on
employee retention; the combined company’s ability to maintain its
long-term credit rating; unanticipated changes in the markets for the
combined company’s business segments; unanticipated downturns in
business relationships with customers; competitive pressures on the
combined company’s sales and pricing; increases in the cost of material,
energy and other production costs, or unexpected costs that cannot be
recouped in product pricing; the introduction of competing technologies;
unexpected technical or marketing difficulties; unexpected claims,
charges, litigation or dispute resolutions; new laws and governmental
regulations. The foregoing list of factors is not exhaustive. Investors
and shareholders should carefully consider the foregoing factors and the
other risks and uncertainties described in Office Depot’s and
OfficeMax’s Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission. The combined
company does not assume any obligation to update or revise any
forward-looking statements.